Yahoo Finance Asian Stocks Gain as S&P 500 Hits All-time High
Investing.com - Asian stocks gained in morning trade on Friday as the S&P 500 hit an all-time high overnight in the U.S.
The Dow Jones Industrial Average also soared to a record high as it gained 251.22 points on Thursday. The Nasdaq Composite advanced by about 1% to 8,028.232
Investors’ sentiments improved this week as markets viewed the impact of China’s and U.S.’s exchange of import tariffs less destructive than previously expected.
Meanwhile, China is considering to cut average tariff rates on imports from some of its trading partners, reports on Thursday suggested. The cut could come as soon as next month, reports citing people familiar with the matter said.
Separately, the Trump Administration said at this stage it is not planning to issue exemptions for companies from the 10% tariffs that are set to be imposed from Sept. 24 on $200 billion worth of goods.
The Shanghai Composite and the Shenzhen Component rose 0.7% and 0.3% respectively by 11:15PM ET (03:15 GMT), while Hong Kong’s Hang Seng Index jumped 1.1%.
Japan’s Nikkei 225 was up 1.0% as the country’s national Consumer Price Index came in at 1.3%, beating the expected 1.1% and improved on the previous reading of 0.9%.
The "core-core" CPI, which excludes food and energies prices, came in at 0.4%, also meeting expectations.
Meanwhile, Japanese Prime Minister Shinzo Abe won his third three-year term as head of the ruling Liberal Democratic Party on Thursday.
Down under, Australia’s S&P/ASX 200 climbed 0.5%. South Korea’s KOSPI gained 0.3%.
Elsewhere, crude oil prices were in focus after U.S. president Donald Trump urged the OPEC to push prices lower.
"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember," Trump said in a tweet. "The OPEC monopoly must get prices down now!"
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